“Global Commercial Payment Cards Market: Products, Applications, Growth Rates and Shares, and Forecast: 2019-2028” is a recently produced report by a research team at Market.US. The Global Commercial Payment Cards Market is projected to reach a value of US$ 7,353.4 Million in 2028, from a value of around US$ 3,742.1 Million in 2019. The global market is projected to register a steady growth rate of 7.7%.
A commercial card is a credit card allotted by companies for their employees to purchase on behalf of their organization. Initially, business payment cards were mainly used for entertainment and business travel (T&E). One of the earliest examples was the Diners Club. Over time, early adopters of commercial cards started using them for non-travel & entertainment purchases. In reaction to this trend, payment card networks started developing variations on the original business payment card to serve these other needs. By application, the market is separated into Small business card and Large business card.
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Rapid urbanization and rising literacy levels are expected to enhance target market growth. Emerging markets India and China has favorable demographics, which will favor the growth of online transactions, which in turn will help global commercial payment cards market. Using cards for foreign travel purchase may give better exchange rates which in turn will help boost target market. Additionally, the increasing popularity of other payments solutions and digital commerce in the picture is expected to boost the market growth for many years. Digitization to improve operational efficiencies, which will help to enhance the market growth.
Virtual Cards, also known as e-payables, are used as an alternative to commercial cards, offer another option for solving business travel issues and managing travel expenses. For example, a Virtual Card might be used for an employee’s airfare and lodging reservation. Many of the world’s leading brands in the commercial card payment space use RS Software’s vertically integrated approach to providing solutions to achieve a competitive advantage.
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Based on geography, a market is evaluated across North America, South America, Europe, Asia-Pacific and the Middle East and Africa. The Asia-Pacific is expected to occupy for significant market share in coming years, mainly in China and fast-growing India and Southeast Asia. North America is expected to play a vital role, followed by Europe.
Кеу Маrkеt Ѕеgmеntѕ:
Туре
Рurсhаѕе Саrd
Вuѕіnеѕѕ Саrd
Тrаvеl аnd Еntеrtаіnmеnt Саrdѕ аnd Оthеr Саrdѕ
Аррlісаtіоn
Ѕmаll buѕіnеѕѕ саrd
Соrроrаtе саrd
Кеу Маrkеt Рlауеrѕ іnсludеd іn thе rероrt:
ЈРМоrgаn Сhаѕе & Со
Ваnk оf Аmеrіса Соrроrаtіоn
Сіtіgrоuр Іnс.
Wеllѕ Fаrgо & Соmраnу аnd Ваrсlауѕ РLС
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